Finance Commons^™

Financial Crisis And Female Entrepreneurship: Evidence From South Korea, Jungho Lee, Sunha Myong

Research Collection School Of Economics

We document a drastic increase in female-owned manufacturing firms in South Korea after the 1997 financial crisis. During the crisis, a major banking sector reform was conducted, and many underperforming bank branches were forced to close down. Using a geographical variation of bank branch closures during the reform, we show that the banking sector reform resulted in a rise in female entrepreneurship. We present evidence that male-owned firms were preferred by the closeddown bank branches, despite female-owned firms exhibiting lower risks and higher returns. The banking sector reform, although not explicitly aimed at addressing gender disparities, substantially benefited female entrepreneurs …

Work Hard For The Money: Performance-Based Funding In The State Of Louisiana, Victoria C. Lloyd

LSU Doctoral Dissertations

The purpose of this study is to examine in what ways, if any, the introduction of the equity incentive portion of Louisiana’s performance-based funding model impacted the underserved student groups it was designed to support. I employed a quantitative quasi-experimental design for this study by running three outcome variables (Adult Learner Enrollment, First-Time Enrollment for Racially Minoritized Students, and Low-Income Student Enrollment) by sector (two- and four-year public institutions) and employing a differences-in-differences regression with panel data. In my analysis I uncovered two main findings: 1) Louisiana’s equity incentive is showing early signs of success for all three underserved groups …

Deconstructing The Software Factory: A Practical Application Of Interorganizational Network Analysis, Zachary O. Ryan, Mark Reith, Clay Koschnick

Faculty Publications

Over the past 5 years, the number of DoD software organizations that employ nontraditional organizational structures has increased. These organizations, commonly referred to as software factories, often employ the network-based organizational structures found within high-technology industries. This article details ways in which network analysis techniques can be used to create a big picture view of these nontraditional organizations. Drawing on methodologies employed by network researchers, the authors develop and present an interorganizational analysis process that highlights a program's social and economic structures. Following the case history approach, they demonstrate the applicability of this approach by analyzing an emergent DoD software …

Do Government Subsidies Promote Green R&D Efficiency? Empirical Evidence From China, Huimin Wu

Dissertations and Theses Collection (Open Access)

How to evaluate the effects of government policy on encouraging innovations? Existing studies strongly argue to reduce subsidies compared to indirect policy tools, such as tax rebate. However, direct government grants are popular and keep gaining momentum in China. Such a discrepancy between academic research and common practice is interesting and calls for further investigations. In the meantime, is there any difference for this issue if considering green attributes? In this article, we use data from Chinese A-share listed companies to study the effect of government subsidies on R&D activities, with a special focus on comparing green and non-green inventions. …

Does The Federal Reserve Obtain Competitive And Appropriate Prices In Monetary Policy Implementation?, Yu An, Zhaogang Song

Research Collection Lee Kong Chian School Of Business

Many of the Federal Reserve’s (the Fed’s) monetary policy operations involve trading with primary dealers. We find that, for agency MBS, dealers charge 2.5 cents (per $100 face value) higher selling to the Fed than to non-Fed customers. Controlling for the same dealer, same security, and same trading time, this discriminatory pricing likely arises from dealers’ market power rather than inventory costs. Further, matching trade size reduces the price differential by more than half, implying that dealers’ market power greatly relates to the Fed’s purchases in large amounts, whereas the Fed’s limited breadth of counterparty choice also plays some role.

الجامعات الخضراء كآلية لتطوير البنى التحتية المستدامة: دراسة عينة من تجارب جامعات عربية, فضيلة ب بوطورة, حيدر حميد بلاو, فاطمة الزهرة بوطورة, مقداد جاسم عبد مقداد جاسم عبد مقداد جاسم عبد

Muthanna Journal of Administrative and Economics Sciences

تهدف هذه الدراسة إلى إبراز مدى أهمية تبني مفهوم الجامعة الخضراء كآلية لتطوير البنى التحتية المستدامة من خلال تسليط الضوء إلى عينة من تجارب الجامعات العربية، وبينت الدراسة أن الجامعة تعد أداة أساسية من أجل التوعية وزرع الفكر الإيجابي وترسيخ الاهتمام بالجانب البيئي، وتوصلت الدراسة إلى أن الجامعة الخضراء تعد مؤسسة تعليمية تلبي حاجتها إلى الموارد الطبيعية، مثل الطاقة والمياه والمواد، دون المساس بقدرة الناس في البلدان الأخرى وكذلك الأجيال القادمة على تلبية احتياجاتهم الخاصة، كما تلعب الجامعة دورا محوريا في تحقيق الاستدامة من خلال وضع مبادئ التنمية المستدامة في جميع التخصصات الجامعية، وأيضا عن طريق التكوين الجامعي الذي يسعى …

أبعاد ومتطلبات نجاح العلاقة الإيجابية بين ثلاثية إستخدام التكنولوجيا في التعليم العالي وتمكين الجامعات والجودة لتحقيق التنمية المستدامة, محمد حسن رشم, نوفل سمايلي

Muthanna Journal of Administrative and Economics Sciences

يهدف هذه البحث إلى التعرف على العلاقة الإيجابية بين استخدام التكنولوجيا في التعليم العالي وتمكين الجامعات والحرص على الجودة لتحقيق الاستدامة للتعليم ومن ثم التنمية المستدامة، فالتعليم في تطور مستمر كما أن للتكنولوجيا تأثيرا هائلا على العملية التعليمية ككل حيث أصبحت وسيلة لتحقيق الغاية والهدف بالنهوض بعمليتي التعليم والتعلم، فأصبح لزاما على التعليم الجامعي اليوم بمختلف أنواعه ومستوياته أن يتكيف مع الحقائق الجديدة في إطار أهمية استخدامه للتكنولوجيا المتطورة، والمشاركة في مجمل الجهود المبذولة في مؤسسات المجتمع في التنمية البشرية وإكسابهم الممارسات والمهارات التعليمية، حتى يكون النظام التعليمي قادر على تحقيق التعليم الذاتي المستدام باستخدام مصادر التعلم وتقنية المعلومات الحديثة …

انموذج تدقيق مقترح لتفعيل اجراءات التدقيق وفق المعايير الدولية لتحسين استمرارية النشاط المصرفي: دراسة تطبيقية لعينة من المصارف التجارية, وعد هادي عبد الحساني, نصير ظاهر جابر

Muthanna Journal of Administrative and Economics Sciences

يهدف هذا البحث الى تطبيق انموذج برنامج تدقيق مقترح لتفعيل اجراءات التدقيق وفق المعايير الدولية لتحسين استمرارية النشاط المصرفي، ودوره الفاعل في تقييم المخاطر المصرفية والتنبؤ بنتيجة النشاط المصرفي،وفق ما يتناسب مع بيئة العمل المحلية، ومتطلبات جهات الرقابة المصرفية الدولية، نظرا لاهتمام العديد من الأطراف وارتباط مصالحهم مع المصارف محل الفحص والتدقيق، بالإضافة الى التوجه الدولي والمحلي نحو الاهتمام المتزايد باستمرارية العمل المصرفي، وبما يتماشى مع المعايير الدولية، وقد طبق هذا البحث على عينة مكونة من مصرفين من المصارف التجارية الخاصة المدرجة في سوق العراق للأوراق المالية للمدة ( 2018-2021)، وقد استخدم المنهج الوصفي التحليلي في وصف وتحليل وقياس جميع …

اثر القيادة الابوية في الحد من الانسحاب الوظيفي: دراسة استطلاعية في شركة زين العراق, علي ذنون يونس الجادر, صفاء ادريس عبودي

Muthanna Journal of Administrative and Economics Sciences

تهدف الدراسة إلى تحديد اثر القيادة الأبوية المتمثلة في (القيادة الخيرية، والقيادة الأخلاقية، والقيادة السلطوية). في الحد من الانسحاب الوظيفي (الانسحاب الجسدي، والانسحاب النفسي) في شركة زين العراق للاتصالات، واعتمدت الدراسة في عملية جمع البيانات على الاستبانة بوصفة أداة رئيسية لتحقيق هدفها. اذ تم توزيع (258) استمارة لتحديد مدى توافر ابعاد القيادة الأبوية والانسحاب الوظيفي، وتم استرجاع (211) استمارة صالحة للتحليل الاحصائي. وعن طريق استعمال مجموعة من الأساليب الإحصائية تتمثل في التوزيع الطبيعي، عامل الثبات (ألفا كرو نباخ). الموثوقية، المتوسط الحسابي، الانحراف المعياري، معامل الانحدار المتعدد، فيما بينت نتائج الدراسة وجود علاقة تأثير ايجابية ذات دلالة إحصائية بين القيادة الأبوية …

أستخدام أسلوب تحليل التمايز في التصنيف والتنبؤ: دراسة تطبيقية في سوق العراق للأوراق المالية, سارة جبر حسين

Muthanna Journal of Administrative and Economics Sciences

يعتبر تحليل التمايز (Discriminant Analysis) واحد من أساليب التحليل الاحصائي متعدد المتغيرات (Multivariate Analysis) المشهورة وله استعمالات كبيرة في مختلف الدراسات الإحصائية خاصة تلك الدراسات التي تهتم بالتصنيف والتنبؤ لما له من قدرة كبيرة على التمييز بين البيانات وتصنيف المشاهدات الجديدة حسب المجموعات التي تنتمي اليها بالاعتماد على دالة خاصة تسمى الدالة التمييزية (Discriminant Function). كانت المشكلة الرئيسية التي واجهت الباحث هو كيفية استخدام تحليل التمايز للتصنيف والتنبؤ في مجال التحليل المالي. ان الهدف الأساسي من الدراسة هو استخدام الدالة التمييزية للتصنيف والتنبؤ بالتعثر المالي لعينة من المصارف العراقية وقياس خطأ التصنيف. كذلك عرض المفاهيم الأساسية لعمليات التصنيف والشروط والافتراضات …

التماثل التنظيمي مدخل لتعزيز الاداء الاستراتيجي: دراسة لآراء عينة من المديرين في جامعة الموصل, شيماء محمد صالح حسن حميد الهاشمي, ايمان بشير محمد مصطفى ابو ردن

Muthanna Journal of Administrative and Economics Sciences

استهدف البحث تشخيص مستوى التماثل التنظيمي بوصفه مدخل لتعزيز الاداء الاستراتيجي للقيادات الادارية في مؤسسات التعليم العالي وبيان مدى اهمية دمج المفاهيم والقيم الاخلاقية والعادات التي يتصف بها الافراد بثقافة المنظمة واسلوبها بالعمل بغية تحديد هوية المنظمة التي يعمل فيها ومنحها القدرة على تحقيق افضل اداء استراتيجي في ظل المستجدات البيئة والاقتصادية وبالسرعة التي تضاهي منافسيها, وتمحورت مشكلة البحث في اثارة عدة تساؤلات بحثية أهمها: هل تمتلك ادارة الكليات المبحوثة ابعاد التماثل التنظيمي؟ وماهي طبيعة علاقات الارتباط والاثر بين التماثل التنظيمي بدلالة ابعاده والاداء الاستراتيجي لدى الكليات ميدان البحث , اذ استخدم البحث المنهج الوصفي التحليلي لتغطية الاطر النظرية المفاهيمية …

The Impact Of More Able Managers On Corporate Trade Credit, Hui Liang James, Thanh Ngo, Hongxia Wang

Finance and Economics

We investigate how high-ability managers affect trade credit policies of U.S. publicly traded companies from 2003 to 2016. Consistent with the prediction of an “Imbalance of power” in the supply chain, we find that firms with more able managers implement more favorable trade credit policies with both upstream and downstream business partners (i.e., fewer trade credit days in receivables, more trade credit days in payables, and lower net trade credit days), indicating that managerial ability is an important determinant of corporate trade credit. Our cross-sectional analyses provide further support for the bargaining power view of trade credit. The results are …

U.S. Trade And Investment Restrictions: Laudable But Costly Goals, Christine Mcdaniel

Yeutter Institute International Trade Policy Review

U.S. Commerce Secretary Raimondo’s recent visit to China resulted in the announcement of a new “export control enforcement information exchange” between the United States and China. The laudable goal is to prevent China from using U.S. technology for military purposes against the United States or our allies. An information exchange may be a way to explain things to each other, but the fact remains that the export controls are indeed in place. China represents large revenue streams for three of the largest US chip producers—about 20% for Nvidia, 60% for Qualcomm, and 20-30% for Intel. If these U.S. companies cannot …

Bank Lending Channel Effectiveness –Potential Lessons For Monetary Policy, Filip Świtała, Iwona Kowalska, Karolina Malajkat

Journal of Banking and Financial Economics

The article supplements the research on the effectiveness of monetary policy transmission – especially through the bank lending channel. The current study focuses on assessing the transmission of monetary impulses through commercial and cooperative banks as well as through individual loan portfolios, while distinguishing between the fact that they were granted by commercial and cooperative banks. How a change in the central bank’s interest rates may determine a change in the volume of loans in the economy remains the core question of the research.

Millennials’ Willingness To Payfor Socially Responsible Investmentand Its Institutional And Individual Antecedents – Evidence From Italy, Poland, And Ukraine, Anna Doś, Monika Foltyn-Zarychta, Matteo Pedrini, Iryna Shkura

Journal of Banking and Financial Economics

The readiness to sacrifice profit while making socially responsible investments among millennials, as future investors and managers, was examined. Specifically, a multi-level perspective on willingness to pay for socially responsible investment was assumed to understand how nationality, personal values and investment knowledge affect millennials’ readiness to sacrifice profit to achieve sustainability goals. Using survey data of 521 business students from Italy, Poland and Ukraine, it is showed that a considerable share of millennials prefer social and environmental performance of investment over financial return and that their nationality is the most powerful factor in explaining willingness to pay for socially responsible …

Western Australian Regional Development Trust Annual Report 2022-23, West Australian Regional Development Trust

Western Australian Regional Development Trust Annual Reports

The Trust is an independent statutory advisory body to the Minister, established under the Royalties for Regions Act 2009 (Act).

The functions of the Trust are to provide advice and make recommendations to the Minister:

• for the purposes of sections 5(2) and 9(1) of the Act; and
• on any other matter relating to the operation of the Fund that is referred to it by the Minister.

In addition to its monitoring and advisory role, the Trust also works to engage and enhance relationships with key regional stakeholders and influencers to promote greater collaboration and innovation in the delivery of regional …

Striving Toward Bitcoin Price Stability: Second-Layer Money And The Case For Real Bills, Scrip & Notes, Eduardo Blasco, Carlos García De Enterría

Journal of New Finance

Monetary systems comprise various layers of real and financial assets arranged hierarchically. Due to its properties, Bitcoin is a suitable asset to become the base money of a monetary system once its price has stabilized and people see it more like a medium of exchange than an investment. We review Bitcoin’s characteristics and explain their effect on its intra- and inter-temporal liquidity. We argue that Bitcoin will lower its bid-ask spread once users adopt financial assets convertible to Bitcoin. We propose the use of three financial assets working as Bitcoin derivatives to reduce Bitcoin’s demand shocks and lower its volatility: …

The Role Of Cross-Cultural Adaptation In The Work Performance Of Chinese Expatriates In Japan, Xinxin Kong

Fordham Dissertations and Theses

The continuous development of the Chinese economy has made "going global" in overseas operations and cross-border collaborations a key internationalization strategy for many Chinese enterprises. Executives working abroad are required to adapt to new cultures and business practices while also addressing challenges such as the lack of international management talents, high employee turnover rates, and suboptimal expatriate performance. In the realm of international human resources selection and talent retention practices, how can decision-makers in multinational enterprises improve expatriate performance? How can they select employees who can better adapt to different cultures, enhance employee loyalty in cross-border situations, and …

How To Understand China's Approach To Central Bank Digital Currency?, Heng Wang

Research Collection Yong Pung How School Of Law

China's central bank digital currency (CBDC), digital yuan or e-CNY, is likely to profoundly affect the international financial system. China's CBDC is fast evolving. Understanding the influencing factors of China's CBDC will likely be crucial to explore its future direction. Major influencing factors include (i) China's perception and conception of regulation and technology, (ii) complementarity between China's preferences and CBDC development, (iii) domestic and international legitimacy, and (iv) institutional development. This paper argues that these influencing factors contribute to China's likely approach of selectively reshaping the international financial system. Given the potential wide-ranging implications of the introduction of CBDC globally, …

The Cost Of Cheap Talk: How Campaign Promises And Default Contributions Affect Donation-Based Crowd Funding Success, Tianci Leon Qiu

Dissertations and Theses Collection (Open Access)

Non-profit organisations (NPOs) find it increasingly harder to engage donors and raise funds from the public. Post-pandemic: the emphasis on tactics to raise funds online through donation-based crowdfunding (DCF) platforms has surged in importance for both NPO survival and continued beneficiary aid. However, unlike equity-based crowdfunding platforms where campaign organisers are obligated to provide investors with tangible returns based on funding milestones, NPOs on DCF platforms do not have to adhere to any funding milestones or are beholden to any tangible obligations towards donors. Consequently, NPOs are greatly incentivised to deploy cheap talk – non-binding, unverifiable messages and claims to …

Do Hacker Groups Pose A Risk To Organizations? Study On Financial Institutions Targeted By Hacktivists, Mikko Samuli Niemelae

Dissertations and Theses Collection (Open Access)

Publication date: 5 September 2023

In the digital era, technological progress has been shadowed by an escalation in cybersecurity threats, notably impacting the financial sector. This research critically examines the influence of hacktivist campaigns—particularly those led by groups like Anonymous—on the cyber exposure of financial services firms listed on the NYSE. Employing Synthetic Controls and analyzing 22 treated firms, the study found that such campaigns significantly enhance the target institutions' deep and dark web exposure, with an average increase of 65% per annum in the subsequent two years from the campaign initiation. Crucially, smaller firms display a heightened susceptibility to …

Does Abstract Thinking Facilitate Information Processing? Evidence From Financial Analysts, Frank Weikai Li, Rong Wang, Yang Yu, Gloria Yang Yu

Research Collection Lee Kong Chian School Of Business

We study whether abstract thinking – an essential cognitive trait established by psychological and neuroscientific studies – facilitates analysts’ information processing. Exploiting analysts’ questions during earnings calls, we construct an Abstract Thinking Index (ATI) that measures their tendency to involve abstract words, logical reasoning, broader topics, and future outlooks. We find that abstract thinking improves analysts’ forecast accuracy and recommendation informativeness. Consistent with abstract thinking featuring identifying central characteristics and comprehending intangible things, ATI has stronger effects for firms with fundamentals co-moving more with peers and less tangible information. Additional analyses suggest that ATI captures analysts’ cognitive traits rather than …

What Drives The Value Of Financial Analysts’ Advice? The Role Of Earnings And Growth Forecasts, Ohad Kadan, Leonardo Madureira, Rong Wang, Tzachi Zach

Research Collection Lee Kong Chian School Of Business

We offer a parsimonious index at the individual analyst level to measure the extent to which an analyst relies on earnings and long-term growth forecasts in producing her advice. Using this index, we evaluate the contribution of earnings and growth forecasts to the investment value of analysts’ stock recommendations. We find that the fraction of analysts’ advice attributed to forecasts varies considerably across analysts and sectors. The investment value of recommendations is higher for analysts who rely less on their forecasts and more on other sources of information when forming investment advice. Investors recognize the superiority of recommendations from analysts …

Housing Fever In Australia 2020-23: Insights From An Econometric Thermometer, Shuping Shi, Peter C. B. Phillips

Research Collection School Of Economics

Australian housing markets experienced widespread and, in some cases, extraordinary growth in prices between 2020 and 2023. Using recently developed methodology that accounts for fundamental economic drivers, we assess the existence and degree of speculative behaviour, as well as the timing of exuberance and downturns in these markets. Our findings indicate that speculative behaviour was indeed present in six of the eight capital cities at some time over the period studied. The sequence of events in this nation-wide housing bubble began in the Brisbane market and concluded in Melbourne, Canberra, and Hobart following the interest rate rise implemented by the …

Higher Education Exports Before And After Covid, John C. Beghin, Byungyul Park

Yeutter Institute International Trade Policy Review

Historically, the higher education system in countries belonging to the Organization for Economic Cooperation and Developing (OECD), a grouping of advanced economies, and especially in the United States, has been a magnet for foreign students, both graduate and undergraduates. Graduate students tend to be supported by teaching and research assistantships from the hosting university and do not generate direct revenues for the hosting institution. They do contribute to the economy with their productivity in research projects and with their private consumption. In contrast, most undergraduate foreign students pay fees and tuition which are often higher than those paid by local …

Central Bank Digital Currency Is Good As Long As All Stakeholders Are Involved, Manoel F. A. Gadi Mr, Miguel Angel Sicilia

Journal of New Finance

Recent changes in the money supply landscape like the rise of Cryptocurrencies like Bitcoin and also China pushing for broader use of its Digital Yuan soon [1] are forcing governments around the world to investigate about central bank [issued] digital currency (CBDC). In this work We want to analyse the level of understanding of CBDC, opportunities, risks, limitations and obstacles. We explore the pros cons and possibilities of implementing a central bank digital currency (CBDC) by highlighting the different levels of acceptance of a CBDC from four groups of stakeholders: Central Bankers, Bankers, Fintech and General Public. The result from …

Exploring Occupational Therapy’S Role In Foster Care: A Mixed Methods Study On Financial Literacy Education For Foster Youth, Ashley Carmichael, Karen Park

Summer 2023 Virtual OTD Capstone Symposium

Background: Foster youth are children under 21 years old who have been removed from their homes due to neglect or abuse and are susceptible to early adversity and trauma (Alternative Family Services, n.d.; AOTA, 2017). Financial literacy is the knowledge and skills to take control of finances (National Financial Educators Council, n.d.). In the foster care setting, occupational therapists (OTs) provide client-centered care that traditionally focuses on transitional life skills, such as seeking employment (American Occupational Therapy Association [AOTA], 2017).

Problem/Purpose: The lack of resources for foster youth to gain financial literacy skills leads to a disadvantage in …

Determinants Of Net Interest Margin For Banks Operating In Pales-Tine, Islam Abdeljawad, Ajyad Bahlaq

An-Najah University Journal for Research - B (Humanities)

The goal of this research is to identify the factors that influence the net interest margin (NIM) for Palestinian conventional banks. Palestine is a unique country with poor governance, political uncertainty, and regulatory insufficiency, adding higher information asymmetry to the decision-making process. The sample is comprised of unbalanced panel data from 15 commercial banks for the period 2011–2020. The research used a pooled OLS, a fixed-effect model, a random effect model, a robust pooled OLS, a difference GMM, and a system GMM estimators. Evidence collected supports that net interest margin is positively influenced by risk aversion, operating costs, and loan-to-deposit, …

The Effect Of Covid-19 Uncertainty On Corporate Default Risk: International Evidence, Md Ismail Haidar, Md Showaib Rahman Sarker, André Varella Mollick

School of Economics and Finance Faculty Publications

This paper investigates the effect of COVID-19 uncertainty on corporate default risk using an international sample of firms from 71 countries. We document that corporate default risk increases with higher COVID-19 uncertainty, even after controlling for a wide range of firmlevel and country-level characteristics. The effect is weaker for firms in highly religious adherence countries, stronger for firms in developed countries, and for firms geographically closer to China and Italy. Further, the effect is weaker for highly innovative firms and less financially constrained firms. Our findings are robust to propensity score matching and entropy balancing methods to address selection bias, …

Two Essays On Credit Risk Correlation, Theophilus Teye Osah

Theses and Dissertations

This dissertation comprises two essays on credit risk correlation. In the first essay, we provide robust empirical evidence that lenders charge higher loan spreads to borrowers with higher credit risk correlation. This effect is concentrated in investment grade firms, driven by tightening lending conditions, and more pronounced for firms with higher rollover risk. Furthermore, banks whose borrowers have higher average credit risk correlation, have greater default risk themselves. In the second paper, we find that a trading strategy that buys high- and sells low-credit risk correlation stocks generates significant risk-adjusted expected return of about 121 bps per annum. Cross-sectional regressions …